In Oct, monthly property sales was ~800bn rmb, down 1% yoy.
In terms of sqm sold, that was ~76.5mn sqm, down 2% yoy.
If looking at residential property only, those two comparisons were at +1% and -1% yoy.
Year to date comparison would still look bad – residential property sales is down 22% (Jan – Oct) in rmb, and down 16% (Jan – Oct) in sqm.
End of Sep policy support and stock market rally helped the property market.
However, more recently, it seems that the frenzy has faded.
Compared with 2021 (Jan-Oct), property sales has dropped 50% in rmb terms!